Prospect Theory Across Disciplines: A Systematic Literature Review

Azra Devrany Putri Marzuki; Sambas Ade Kesuma

doi:10.31004/riggs.v5i2.3995

Authors

Azra Devrany Putri Marzuki Universitas Sumatera Utara
Sambas Ade Kesuma Universitas Sumatera Utara

DOI:

https://doi.org/10.31004/riggs.v5i2.3995

Keywords:

Prospect Theory, Systematic Literature Review, Decision Making

Abstract

Prospect theory is a theory proposed by Kahneman and Tversky. This theory was first developed in 1979. Prospect theory explains how humans behave when making decisions under risk and uncertainty. The initial concept of this theory was originally developed in the fields of behavioral economics and psychology. However, as the model and understanding of prospect theory have developed, it is expected that this theory can be used in other fields. This Systematic Literature Review was created to analyze the current development of prospect theory and how it has developed in research across various fields. The literature data used in this Systematic Literature Review was taken directly from open access journals in Scopus. The data was then extracted and categorized into several sections for analysis. The main category analyzed was the subject area of the selected articles. In addition, other categories such as the year of publication, region, and research methodology were also used. In the categorization, various other theories and models that are often integrated with prospect theory were also found. The results of the analysis show that prospect theory has undergone developments in its understanding and application and has been used for research in fields other than behavioral economics and psychology.

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References

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